Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q4 2020
- BBRI Q4 2020 NPL Coverage Rocketed to a Record 248% in FY2020 - But Corporate Loans Kept Getting WorseFeb 04
- AMRT Q4 2020 After Three Silent Quarters, the Filed Books Finally Mention Covid-19 - and Shrug It OffFeb 03
- BIRD Q4 2020 Blue Bird's First Annual Loss Since Its IPO - So Why Did the Stock Rally 51% in Q4?Dec 31
Q3 2020
- SOFI Q3 2020 Before There Was a Merger Target, There Was Already a 20% PromoteNov 20
- SE Q3 2020 Group Adjusted EBITDA Hit $120 Million. So Did the Adjusted-Revenue Metric That Used to Track ItNov 17
- MELI Q3 2020 Revenue Doubled in the Pandemic - So Why Are Internal Controls Still Broken?Nov 16
- BBRI Q3 2020 A Record Rp9.5 Trillion Was Provisioned in Q3 - So Why Did Coverage Keep Falling?Nov 05
- BFIN Q3 2020 Is Bad Debt Actually Falling, or Just Being Restructured Out of View?Nov 04
- AMRT Q3 2020 Why Did Profit Keep Falling After the Growth Engine Recovered?Nov 03
- BBCA Q3 2020 Is the Earnings Rebound Real, or Did the Restructuring Guidance Just Get Smaller?Nov 01
- BIRD Q3 2020 Q3 2020 Net Revenue Rebounded 51% as PSBB Eased - So Why Did Headcount Keep Falling Faster Than Ever?Sep 30
Q2 2020
- DHER Q2 2020 Orders Doubled in a Pandemic. So Did the Losses. Where's the €3.25 Billion Going?Sep 15
- BBCA Q2 2020 Why Did Net Profit Fall Even as Restructuring Stayed 'Current'?Aug 31
- MELI Q2 2020 Every Segment Got More Profitable During Lockdown - Even Mexico, for the First Time EverAug 24
- SE Q2 2020 Sea Turned Adjusted EBITDA Positive for the First Time. The Stock Got There FirstAug 18
- BBRI Q2 2020 Did the Capital 'Recovery' Just Mean Easing Off on Provisioning?Aug 14
- BFIN Q2 2020 Why Did Profit Halve While the Cash Pile Nearly Doubled?Aug 05
- AMRT Q2 2020 Why Did the Fastest-Growing Region Suddenly Stop Growing?Aug 04
- BIRD Q2 2020 Net Revenue Fell 71.6% Once Jakarta's Lockdown Actually Hit - and Management Finally Cut Its Own PayJun 30
Q1 2020
- BBCA Q1 2020 Why Did Corporate Borrowers Draw Down 10% More Credit in Six Weeks?Jun 08
- MELI Q1 2020 Revenue Grew 37.6% in the First COVID Quarter - So Why Did Operating Cash Flow Go Negative?May 20
- SE Q1 2020 Sea's Losses Shrank During a Pandemic. Was That the Business or the Lockdowns?May 18
- BBRI Q1 2020 The Capital Buffer Shrank Before a Single Covid Loan Went BadMay 15
- BFIN Q1 2020 How Did a Lender's Quietest Quarter Coincide With a 57% Stock Crash?May 08
- AMRT Q1 2020 Why Does the Best Quarter in Years Not Mention Covid-19 Once?May 08
- BABA Q1 2020 Net Income Grew 70%, But Two One-Time Gains Are Bigger Than the Entire IncreaseMay 08
- BIRD Q1 2020 The Taxi Business Just Posted Its First-Ever Loss - Before Jakarta Even Locked DownMar 31
Q4 2019
- PDD Q4 2019 GMV Crossed ¥1 Trillion in 2019 — So Why Did It Just Fund Its Own Executives to Buy a Payment Company?Apr 22
- SE Q4 2019 The Question That's Chased Sea for Three Quarters Just Got an AnswerFeb 27
- BBCA Q4 2019 The Bad-Loan Spike That Un-Happened by Year-EndFeb 25
- MELI Q4 2019 Losses Widened Nearly 5x in 2019 - Was the Spending Actually Worth It?Feb 24
- BFIN Q4 2019 Was Closing a 20-Year-Old Lawsuit Worth Half a Year's Profit?Feb 19
- DHER Q4 2019 Is Delivery Hero's First Annual Profit Actually Two Different Numbers?Feb 18
- DNET Q4 2019 The Indomaret Stake Trading at 76 Times Earnings on Almost No VolumeFeb 05
- BBRI Q4 2019 Did the Corporate Loan Crisis Actually Get Fixed, or Just Written Off?Feb 04
- AMRT Q4 2019 Did the Margin Recovery Actually Survive a Full Year?Feb 04
- BIRD Q4 2019 FY2019: Profit Down 31%, But the Acer Fight Is Finally OverDec 31
Q3 2019
- SE Q3 2019 Sea's Path to Breakeven Got Longer. Its Payments Business Is Why.Nov 15
- MELI Q3 2019 A $146 Million Net Loss Just Landed - Is the Investment Cycle Working or Spiraling?Nov 15
- BFIN Q3 2019 Is the Profit Slide Finally Over?Nov 08
- AMRT Q3 2019 Did the Margin Recovery Survive Without Ramadan?Nov 05
- BBCA Q3 2019 The Early-Warning Bucket Cooled the Same Quarter the Bad-Loan Ratio CrackedNov 05
- BIRD Q3 2019 Profit Fell 51% and the Stock Hit a New Low - Did the Multiple Finally Catch Up?Nov 04
- BBRI Q3 2019 The Special Mention Spike Nobody Explained Just Became a DefaultNov 04
Q2 2019
- MELI Q2 2019 Investors Just Got Told It's Spending the $2 Billion - Should That Worry You?Aug 20
- SE Q2 2019 Sea's Adjusted EBITDA Loss Shrank to $11 Million. Its Net Loss Still Grew.Aug 20
- BBRI Q2 2019 The Loan-Mix Gap That Nearly Vanished Reopened - and Cash Fell 22.8% Right Behind ItAug 19
- LYFT Q2 2019 The IPO Charge Was One-Time. The New $300M-a-Quarter Bill Isn't.Aug 19
- UBER Q2 2019 A Record $5.2 Billion Quarterly Loss - And the Core Business Actually Got Healthier. How?Aug 16
- DHER Q2 2019 Can a €721 Million Profit Really Just Be an Accounting Artifact?Aug 08
- BIRD Q2 2019 The Stock Corrected 18% This Quarter - So Why Did the P/E Get More Expensive?Aug 08
- AMRT Q2 2019 What Flipped Two Losing Regions Into a Record Margin Quarter?Aug 06
- BFIN Q2 2019 The Election Ended, So Why Did New Financing Keep Falling?Aug 05
- BBCA Q2 2019 The Write-Off Surge That Vanished a Quarter LaterAug 05
Q1 2019
- UBER Q1 2019 Was the Core Business Actually Losing Money Right Before the IPO?Jun 04
- SE Q1 2019 Sea's Net Loss Tripled Because Its Stock Price RoseMay 22
- MELI Q1 2019 It Raised $2 Billion From PayPal and Wall Street - What Is It Actually Buying?May 17
- LYFT Q1 2019 A Billion-Dollar Debut Loss That's Mostly a Bill for Going PublicMay 17
- BIRD Q1 2019 Profit Fell 10% and the Stock Rallied 21% Anyway - What Actually Changed This Quarter?May 10
- BABA Q1 2019 Operating Income Fell 18% the Same Year Net Income Grew 37%May 10
- BBRI Q1 2019 Two Loan Categories Spent a Year Swapping Places as the Worst - Then the Gap Between Them Nearly VanishedMay 06
- BFIN Q1 2019 Why Did Profit Fall for the First Time in This Backlog?May 06
- BHARTIARTL Q1 2019 Raising $3.6 Billion Isn't What a Turnaround Looks LikeMay 06
- BBCA Q1 2019 Why Did a Bad-Loan Ratio That Kept Improving Suddenly Crack?May 06
- AMRT Q1 2019 Why Did the Two Biggest Regions Lose Margin While Profit Jumped 67%?Apr 25
- ISAT The Rp1,358.6 Billion Bill Indosat Still Owes Its Own Largest ShareholderFeb 06
Q4 2018
- BFIN Q4 2018 Is a Three-Year Funding Cadence Problem Finally Easing?Mar 11
- MELI Q4 2018 The First Full-Year Loss Since 2007 - What the Footnotes Say About WhyFeb 28
- SE Q4 2018 Its Equity Just Went Negative. Nobody Mentioned It.Feb 27
- BBCA Q4 2018 A Fresh Bad-Loan Record Landed the Same Year Operating Cash Flow Got Cut in HalfFeb 25
- DHER Q4 2018 Whatever Happened to That First-Ever Profit?Feb 20
- PDD Q4 2018 The $866 Million Founder Payout Hiding Inside a 652% Revenue SurgeFeb 11
- BBRI Q4 2018 The Stock Ended the Year Flat. The Loan Book Didn't Have Nearly as Quiet a Year.Feb 08
- BIRD Q4 2018 Full-Year Revenue Finally Turned Positive - So Why Did a New Lender Show Up in Q4?Feb 06
- ISAT Q4 2018 How Do You Lose Half Your Subscribers and Call It a Cleaner Customer Base?Feb 06
- ADYEN Q4 2018 The Stock Went Nowhere for Six Months — So Why Did Its Earnings Multiple Get Cut in Half?Feb 05
- AMRT Q4 2018 Why Did Net Income More Than Double While Revenue Grew Under 9%?Jan 25
Q3 2018
- SE Q3 2018 Sea's Net Loss Finally Shrank. Its Equity Almost Disappeared.Nov 21
- BBRI Q3 2018 The Loan-Book Fix Lasted One Quarter. The Other Problem Never Stopped.Nov 07
- MELI Q3 2018 It Raised Nearly $1 Billion in Debt - While Still Posting a Net LossNov 02
- BIRD Q3 2018 The Six-Quarter Revenue Slide Just Ended - So Why Did Leverage Creep Back Up?Nov 02
- BBCA Q3 2018 The Bad-Loan Improvement Lasted Exactly One QuarterOct 25
Q2 2018
- DHER Q2 2018 How Do You Post Your First-Ever Profit While Burning More Cash Than Ever?Oct 15
- ADYEN Q2 2018 Priced at 144x Earnings Weeks After Listing — Do the Numbers Back It Up?Aug 27
- SE Q2 2018 Sea's Payments Volume Grew 608%. Then Sea Retired the Metric Measuring It.Aug 21
- BBRI Q2 2018 The Worst Loan Category Got Fixed. A Different One Just Took Its Place.Aug 10
- MELI Q2 2018 It Just Booked Its First Net Loss in Years - Was It Worth It?Aug 09
- AMRT Q2 2018 Why Did Net Income Almost Triple While Revenue Grew Only 7.5%?Aug 06
- BHARTIARTL Q2 2018 How a Loss Got Deeper and "Profit" Went Up in the Same QuarterAug 06
- BIRD Q2 2018 Revenue Fell for a Sixth Straight Quarter - So Why Did Net Income Jump 21%?Aug 03
- BBCA Q2 2018 The Bad-Loan Bucket Stopped Growing - and the Multiples Finally NoticedJul 26
- BABA Alibaba Just Bought Out Every Partner It Used to Only Have a Contract WithMay 11
Q1 2018
- MELI Q1 2018 It Spent $112 Million on Free Shipping in One Quarter - and Flipped Straight to a LossJun 14
- SE Q1 2018 Sea Raised Its 2018 Guidance — So Why Did Its Losses Triple?May 15
- BABA Q1 2018 Net Income Grew 47%, But a New Non-Cash Gain Arrived the Same Year an Old One ReversedMay 11
- BBRI Q1 2018 Did the Worst Loan Category Actually Improve, or Did the Definition Just Change?May 10
- BIRD Q1 2018 Two Quarters of Recovery, Erased in One - What Actually Broke in Q1 2018?May 04
- BBCA Q1 2018 The Bucket That "Nearly Quadrupled" Just Emptied Into the Worst OneMay 03
- BHARTIARTL Q1 2018 The Profit Line That Doesn't Mean What It Looks LikeApr 24